2 years ago
Date: 29 Sep 2022 - 16:53
Bitcoin miners continue to operate at a loss as longterm holders are selling at a loss according to an onchain analysis from Glassnode.The firm estimates that industry players are still selling roughly 8000 BTC per month to cover their USDdenominated business costs.Miners in the RedAs tweeted by Glassnode on Wednesday miner balances have seen large outflows since Bitcoins failed retest of 24500 in August. The price pumped alongside Ethereum in anticipation of the Merge but has since declined after the upgrade actually went live.This suggests aggregate Miner profitability is still under a degree of stress with 8k BTCmonth being spent to cover USD denominated costs stated the firm.The chart provided by the company shows that outflows were greater on September 22nd than at any point in the last 2 years. The next highest outflows were in early 2021 also following a retracement in Bitcoins price.Bitcoin miners earn a fixed number of Bitcoin 6.25 every time they mine a block for the network. Successfully mining a block requires consuming energy and must use highly specialized machines called ASICs to get the job done profitably.Machine and energy costs represent an implicit cost to mining each coin. As such staying profitable requires cheap access to both resources alongside a wellperforming Bitcoin market.As such Bitcoin miners have fast been forced into selling their coins as their profits substantially decline in USD terms. In June the public miner Core Scientific sold over 7000 BTC leaving less than 2000 remaining on its balance sheet at the time.Last week the Bitcoin mining firm North Compute filed for bankruptcy.Long Term Holders CapitulateMeanwhile it would appear that longterm Bitcoin holders are also selling their coins at a loss.According to Glassnode its profitability has declined to levels last seen at the bottom of the 2018 bear market.LongTerm Holders are selling BTC at an avg loss of 42 indicating LTH spent coins have a cost basis around 32k said the firm.Many highprofile crypto investors including Raoul Pal and Mike Novogratz believe Bitcoins return to the bull market territory will be largely dictated by macroeconomic policy. However many including FTX CEO Sam Bankman Fried have predicted that the worst of the crypto bear market has likely already passed.So far Bitcoin has outperformed most other financial assets besides the U.S. dollar in Q3.The post Bear Market Blues Miners and LongTerm Holders Are Dumping Their Bitcoin appeared first on CryptoPotato.
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